Banking Products and Services

What is the ONLY thing you cannot do within a checking account?

• make deposits

• invest in stocks

• write checks

• withdraw money

The card you use to both access funds in your bank account and pay for goods and services is:

• a credit card

• a birthday card

• a gift card

• a debit card

Writing a check is the same thing as:

• making a withdrawal

• getting the bank to issue a cashier's check

• using a debit card

• using a credit card

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What can I NOT do with a debit card?

• withdraw money at an ATM

• deposit money at an ATM

• transfer money from one of my accounts to another

• transfer money to another person's account

If I use my debit card for a purchase, I have to put in my PIN number. If I want to use my debit card for a credit purchase, I have to:

• also use my PIN number

• sign a sales slip

• use a different card

• provide additional ID

When I use my debit card, the money is almost immediately taken from my account.

• true

• false

If I have an account and a debit card, the financial institution will automatically issue me a credit card, too.

• true

• false

An advantage of having a savings account is that the funds are immediately available when I need them.

• true

• false

An advantage of a savings account is that the interest rate is high.

• true

• false

The contents of a safety deposit box are not insured by the FDIC, but banks can offer insurance if the items are lost or destroyed.

• true

• false